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Rigel Announces Second Quarter 2013 Financial Results
Date:8/6/2013

SOUTH SAN FRANCISCO, Calif., Aug. 6, 2013 /PRNewswire/ -- Rigel Pharmaceuticals, Inc. (Nasdaq: RIGL) today reported financial results for the second quarter and six months ended June 30, 2013.

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For the second quarter of 2013, Rigel reported a net loss of $22.8 million, or $0.26 per share, compared to a net loss of $24.7 million, or $0.35 per share, in the same period of 2012. Weighted average shares outstanding for the second quarters of 2013 and 2012 were 87.1 million and 71.5 million, respectively.

Contract revenue from collaborations in the second quarter of 2013 was comprised of a $1.4 million payment from Daiichi Sankyo for an investigational new drug application filing for an oncology compound. Contract revenue from collaborations in the second quarter of 2012 was comprised of a $1.0 million upfront payment from AstraZeneca AB pursuant to the worldwide license agreement for R256, a potential treatment for moderate to severe chronic asthma, as well as a payment of $500,000 from BerGenBio AS related to the oncology program out-licensed from Rigel in 2011.

Rigel reported total operating expenses of approximately $24.3 million in the second quarter of 2013, compared to approximately $26.4 million for the same period in 2012. The decrease in operating expenses was primarily due to the decrease in stock-based compensation expense, as well as a decrease in personnel costs related to bonus compensation expense. Stock-based compensation expense decreased from approximately $3.0 million in the second quarter of 2012 to approximately $1.7 million in the second quarter of 2013 primarily because the majority of options granted in 2013 have a longer
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SOURCE Rigel Pharmaceuticals, Inc.
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